BABERWAD SHIKSHA SAMITI vs COMMISSIONER OF INCOME TAX

Authority: ITAT Tribunal/Court: Jaipur Date: 2016-02-12 AY: 2010-11 Section: 11, 12, 12A(2), 12AA(2), 10(23)(iiiad), 44AB, 263, 11(1)(a), 12AA Acts: Income Tax Act 1961, Section 10(23C)(iiiad), Section 11, Section 12, Section 12A, Section 12AA, Section 44AB, Section 143(3), Section 263 Result: Assessee Citation: (2016) 177 TTJ 0380 (Jp) : (2016) 134 DTR 0065 (Jp)(Trib) : (2016) 47 ITR (Trib) 0218 (Jaipur) Justices: T.R.MEENA, AM & LALIET KUMAR, JM Appeal No: ITA No. 487/JP/2015
Whether the CIT (Exemptions) was justified in invoking revisionary powers u/s 263 to set aside the assessment order on grounds of erroneous and prejudicial order regarding exemption claims u/s 10(23C)(iiiad) and u/s 11/12, and disallowance of depreciation --- Held No, as the Assessing Officer had conducted proper enquiries, taken a plausible view, and the issues were covered by favorable judicial precedents.

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